Central Bank of India shares jump nearly 17 pc post Q1 results

Shares of Central Bank of India zoomed nearly 17 per cent on Wednesday after the lender reported a net profit of Rs 118.33 crore for the June quarter. The scrip advanced 15.23 per cent to close at Rs 20.05 on the BSE. Intra-day, the stock jumped 18.39 per cent to Rs 20.60.

On the NSE, shares rose 16.66 per cent to close at Rs 20.30. In terms of volume, 4.08 lakh shares were traded on the BSE and over 49 lakh on the NSE.

Central Bank of India on Tuesday reported a net profit of Rs 118.33 crore for the June quarter as against a loss in the year-ago period on falling provisions for bad loans. In April-June 2018-19, the public sector lender had reported a loss of Rs 1,522.24 crore.

Total income in the latest quarter rose to Rs 6,493.55 crore as against Rs 5,904.82 crore in the year-ago period, the bank said in a regulatory filing. The lender witnessed an improvement in its asset quality as gross non-performing assets (NPAs) were brought down to 19.93 per cent of gross advances as at end of June 2019, from 22.17 per cent by the year-ago period.

Net NPAs or bad loans came down to 7.98 per cent from 10.58 per cent.

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